Cummins Inc. (NYSE:CMI)‘s stock had its “hold” rating reaffirmed by stock analysts at Jefferies Group LLC in a report issued on Wednesday. They presently have a $165.00 price target on the stock, up from their prior price target of $160.00. Jefferies Group LLC’s price objective points to a potential upside of 4.60% from the company’s current price. Jefferies Group also issued estimates for Cummins’ Q3 2017 earnings at $2.47 EPS, Q4 2017 earnings at $2.64 EPS, FY2017 earnings at $10.00 EPS, FY2018 earnings at $11.15 EPS and FY2019 earnings at $12.30 EPS.
Other equities research analysts have also recently issued research reports about the stock. ValuEngine raised shares of Cummins from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Zacks Investment Research raised shares of Cummins from a “hold” rating to a “buy” rating and set a $167.00 target price on the stock in a research note on Wednesday, April 12th. Barclays PLC lifted their target price on shares of Cummins from $137.00 to $144.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 19th. Stifel Nicolaus lifted their target price on shares of Cummins from $155.00 to $160.00 and gave the stock a “hold” rating in a research note on Thursday, June 15th. Finally, Royal Bank Of Canada reaffirmed a “hold” rating and set a $166.00 target price on shares of Cummins in a research note on Monday, June 5th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and seven have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $154.83.
Shares of Cummins (CMI) traded up 1.50% during trading on Wednesday, hitting $160.10. 667,452 shares of the company were exchanged. The firm has a market capitalization of $26.74 billion, a PE ratio of 18.10 and a beta of 1.09. Cummins has a 12 month low of $116.03 and a 12 month high of $170.68. The firm’s 50-day moving average price is $163.27 and its 200 day moving average price is $154.51.
Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, August 1st. The company reported $2.53 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.58 by $0.05. Cummins had a net margin of 8.10% and a return on equity of 20.67%. The company had revenue of $5.08 billion during the quarter, compared to analyst estimates of $4.80 billion. During the same period in the prior year, the business posted $2.40 EPS. Cummins’s revenue was up 12.1% compared to the same quarter last year. On average, equities research analysts expect that Cummins will post $7.98 earnings per share for the current fiscal year.
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In related news, Director Georgia R. Nelson sold 1,086 shares of the business’s stock in a transaction dated Thursday, May 25th. The shares were sold at an average price of $156.10, for a total value of $169,524.60. Following the sale, the director now directly owns 16,512 shares in the company, valued at approximately $2,577,523.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Alexis M. Herman sold 1,300 shares of the business’s stock in a transaction dated Wednesday, May 10th. The shares were sold at an average price of $159.16, for a total transaction of $206,908.00. Following the completion of the sale, the director now owns 29,656 shares in the company, valued at $4,720,048.96. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 60,636 shares of company stock worth $10,000,575. 0.62% of the stock is owned by insiders.
A number of hedge funds have recently modified their holdings of the company. Macquarie Group Ltd. raised its stake in shares of Cummins by 49.2% in the fourth quarter. Macquarie Group Ltd. now owns 9,400 shares of the company’s stock worth $1,285,000 after buying an additional 3,100 shares during the period. Chevy Chase Trust Holdings Inc. raised its stake in shares of Cummins by 3.7% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 133,730 shares of the company’s stock worth $20,220,000 after buying an additional 4,724 shares during the period. Manning & Napier Advisors LLC raised its stake in shares of Cummins by 8.7% in the first quarter. Manning & Napier Advisors LLC now owns 25,883 shares of the company’s stock worth $3,912,000 after buying an additional 2,071 shares during the period. Fulton Bank N.A. acquired a new stake in shares of Cummins during the first quarter worth about $1,014,000. Finally, Acropolis Investment Management LLC raised its stake in shares of Cummins by 1.5% in the first quarter. Acropolis Investment Management LLC now owns 9,072 shares of the company’s stock worth $1,372,000 after buying an additional 130 shares during the period. Institutional investors own 79.98% of the company’s stock.
About Cummins
Cummins Inc designs, manufactures, distributes and services diesel and natural gas engines and engine-related component products. The Company’s segments include Engine, Distribution, Components and Power Systems. The Engine segment manufactures and markets a range of diesel and natural gas powered engines under the Cummins brand name, as well as certain customer brand names, for the heavy and medium-duty truck, bus, recreational vehicle (RV), light-duty automotive and agricultural markets.
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